SSL pays up approximately JM $626 million to over 200 clients

Stocks and Securities Limited (SSL) says it has paid up approximately JM $626 million to over 200 clients and transferred approximately JM $14.5 billion of local securities to agents designated by its customers.

The company is at the center of a multi-billion-dollar fraud investigation that impacted over 200 accounts.

Only one person – former wealth advisor – Jean Ann Panton has been charged in relation to the ongoing probe.

In an update to customers, the company said the temporary manager of Business Recovery Service Limited (BRSL), in consultation with the Financial Services Commission (FSC), continues to manage SSL.

SSL said the entities are safeguarding existing accounts, supporting the ongoing investigations, locating and securing company assets and executing a phased approach to transferring client assets to their selected brokers and financial institutions.

It noted that client assets are grouped into four categories namely: cash, local securities, overseas securities, and promissory notes issued by SSL-related companies.

The company said, as previously advised, Phase 1 entails dealing with the asset categories cash and local securities.

In this regard, it said it has made significant progress.

As of February 16, 2024, SSL said over one thousand client accounts totaling approximately JM $14.5 billion of local securities were transferred to facilitate access by SSL clients through brokers and institutions selected by them.

In addition, as at February 16, 2024, cash totaling approximately JM $626 million for over 200 clients, has been paid to them.

SSL said it continues to process cash transfer requests.

Meanwhile, the company said Phase 2, which focuses on customers who own overseas securities with SSL will now be initiated.

It said the decision has been made to liquidate the international portfolio and remit funds directly to clients as soon as the reconciliation process is complete.

SSL said the final phase in the process of transferring client assets will see action being taken in relation to the asset category promissory notes.

In this regard, action regarding the related party promissory notes will be subject to the financial condition of the SSL group.


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